89% Singapore-based businesses value “human touch” especially in corporate banking: HSBC report

SINGAPORE: 89% of Singapore-based businesses value the “human touch”, especially in corporate banking, according to a recent report by HSBC.

Singapore Business Review reports that the HSBC report highlights that firms value face-to-face interactions for various essential aspects of their operations.

This includes identifying new business prospects, seeking tailored financial advice, expanding overseas ventures, and identifying and mitigating potential risks crucial for sustainable growth.

Most Singaporean business leaders express intentions to invest in their workforce, proving their commitment to prioritising human interaction in business.

Around 83% of them explore ways emerging technologies can enhance employee skills. Additionally, 82% plan to retrain their existing workforce, while 81% aim to bring in new talent to adapt to rapid technological advancements.

Singaporean business leaders generally appear to be well-prepared for the influx of new technologies.

The majority of them exhibit familiarity with various tech domains such as cloud computing(40%), internet of things(43%), cybersecurity(49%), and e-invoicing(49%).

84% expressed confidence in their ability to integrate new technologies into their business models over the next decade.

Among the array of emerging technologies, cybersecurity is perceived as the most promising, with 90% of firms believing it will create significant business opportunities.

This sentiment is closely followed by accounting automation software and generative artificial intelligence, both of which are expected to bring considerable benefits, according to 89% of respondents.

While technology undoubtedly offers unprecedented efficiency and innovation, the “human touch” remains irreplaceable.       /TISG

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